Va. sports bettors lay down $1B since Jan. legalization

Virginians have bet more than $1 billion on sports since it became legal in January, Virginia Lottery announced Thursday. The state was the fastest in the nation to reach that milestone, noted PlayVirginia, which tracks the gaming market.

In May, the state reaped $226.9 million in sports-betting gross revenue, and bettors won a total of $203.7 million during the month, Virginia Lottery reported. That’s a 4% decline in betting compared to April’s $236.4 million total, which is in line with the rest of the country. April and May are traditionally slower months than March, which has the NCAA Division I men’s basketball championship.

“The state’s best month came in March, exacerbating the slowdown, but Virginia is managing the offseason about as well as a young market could hope,” Dann Stupp, a PlayVirginia analyst, said in a statement. “The playoff appearances by the Washington Wizards and Capitals in May were a help. But without a significant local draw over the next few months, sportsbooks will have to be innovative to keep bettors engaged.”

The seven licensed operators included in May’s reporting were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team; Crown Virginia Gaming LLC (Draft Kings); BetMGM LLC; Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth); Caesars Virginia LLC (William Hill); WSI US, LLC (Wynn); and Unibet Interactive, Inc.

The state placed a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With four operators reporting positive adjusted gross revenue, the total take for the state government was $2.32 million in May.